DWP cracks down on occupational pension exit charges

A consultation document published on 26 May proposed to introduce a cap of 1% of the value of a policy on early exit charges with regards to existing trust-based pension schemes. The measure aims to provide greater access to pension freedoms for trust-based occupational pension savers who may have been prevented from transferring out of their policies by high early exit charges. It mirrors proposals by the Financial Conduct Authority (FCA), published on the same day, and affecting personal and stakeholder pension members over the age of 55 wanting to benefit from the freedoms. Howe...